Crypto Compass by BitcoinWalletSG #93

Hello Fam,

The latest trend in the crypto world is driven by large language models (LLMs) diving into memecoin purchases, signaling a new "meta" for the industry. With AI-powered bots making independent decisions, these digital traders are becoming increasingly active participants in the speculative memecoin market. From creating viral hype to managing portfolios autonomously, the rise of LLMs in crypto trading marks a significant shift in how trends emerge and evolve in the space, with many speculators and enthusiasts watching closely as this AI-driven phenomenon unfolds.

Truth Terminal Becomes First AI Crypto Millionaire

Truth Terminal, an AI chatbot, made history by becoming the first AI crypto millionaire after its holdings in Solana-based memecoin Fartcoin surged in value. The AI now holds over $1 million in various memecoins, including Goatseus Maximus, after receiving a 20 million Fartcoin donation. Initially designed as an AI experiment to test creative meme generation, Truth Terminal has made significant waves in the crypto world, reflecting the potential of AI in speculative investments.

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Bitcoin Nears $70K as U.S. Presidential Election Sparks Investor Optimism

Bitcoin continued its upward trajectory, approaching the $70,000 mark on Monday, as investors closely monitor the upcoming U.S. presidential election. Analysts suggest that Trump's increasing odds of victory, along with his favorable stance toward crypto, are contributing to the price surge. With the election just weeks away, along with the potential for a Fed interest rate cut, market focus on these key events could fuel further momentum for bitcoin in the coming weeks.

Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion

Fintech giant Stripe has made its largest acquisition, purchasing stablecoin platform Bridge for $1.1 billion. Bridge, co-founded by Sean Yu and Zach Abrams, helps companies process payments in stablecoins and previously raised $58 million in funding. The acquisition highlights Stripe's growing focus on crypto, following its recent reinstatement of crypto payments for US businesses and a partnership with Coinbase. The deal is the largest acquisition in the crypto industry to date.

Happenings of the week

• Worldcoin Rebrands as World

• Vitalik Buterin calls staking centralization a big risk to Ethereum

• Radiant Capital $50M breach among ‘most sophisticated hacks’ in DeFi

• Japan's DPP leader pledges 20% tax cap on crypto gains

PayPal Expands Crypto Reach With Venmo and MoonPay Integration

PayPal has expanded its crypto services, allowing U.S. Venmo users to buy Bitcoin, Ethereum, and other digital assets via MoonPay. Venmo customers can use their account balance, bank withdrawal, or debit card for transactions, though New York and Texas are excluded. This move is part of PayPal's broader strategy to bring crypto to mainstream users, following previous initiatives like enabling merchants to trade crypto and launching the PayPal USD (PYUSD) stablecoin.

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